Private Mortgage Lenders: Criteria, Specialization and Why You Should Be Interested
Many individuals have been excluded from getting a mortgage by strict lending guidelines that are used regularly by a multitude of lenders and banks. Private mortgages are a type of a mortgage loan whereby funds can be sourced from different kinds of institutions rather than borrowing from a bank. Typically short-term in length – for e.g either 6, 12 or 8 months – and considered interest-only loans, a private mortgage can be a good option for some individuals.
The value of a property is taken into consideration by a private lender as well as its marketability instead of just the individual’s credit history. Some of the lending criteria for private lenders to consider is property type & value, income, down payment and equity.
Whether a client has bad credit, is in need of consolidating debt, would like to invest in real estate or in need of quick access to equity in their home and do not want to refinance – this is a quick short-term solution. The turnaround from application to funding is within a courteous 48 hours.
If you have any hesitation on what to do in terms of making that significant of a decision on a home purchase and would like a sense of ensured security and trust, please do contact us at The Mortgage Division. Our qualified brokerage with years of trusted experience will guide you to the best decision and give you the financial security you were looking for.